The following is taken from the Diocese of Bath and Wells website:
The financial affairs and assets of the diocese are managed by the Bath and Wells Diocesan Board of Finance. The Board is concerned with the budget, payment of stipends, parish share collection, employment of salaried staff and clergy housing. Members of the Bishop’s Council act as the board’s directors.
Board of Finance responsibilities
- Management of the funds and property of the diocese
- Preparation of annual estimates of expenditure
- Advising on action needed to raise the income necessary to finance expenditure
- Oversight of expenditure by bodies in receipt of Diocesan Synod’s funds
- Advising Diocesan Synod of the financial aspects of its policy and other matters
- Acting as employer to salaried diocesan staff (download our pay policy below)
- Maintaining the books of various diocesan bodies and trusts
- Relevant advice on financial matters to PCC members, through the diocesan finance department
Since April 2008 the members of the Bishop’s Council (the standing committee of the Diocesan Synod) have been the Board of Directors of the board, and the members of the Diocesan Synod have been members of the board. Additionally, there is a Finance Group of the Bishop’s Council, acting for and assisting the board in its more detailed financial work.
The board has delegated responsibility for the day-to-day management of the diocese to the Diocesan Secretary who is supported by a Deputy Diocesan Secretary, Director of Finance, Diocesan Surveyor and their teams.